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Showing posts from December, 2019

How The Crypto Space Is Tackling Poverty

The technological advancement in digital currencies and the blockchain space is a remarkable development that can help developing countries both politically and economically. Cryptocurrencies can solve problems that are unique to these countries by providing access to a bank account, easy transfer of money across borders without restrictions, less or no transaction fees, and fractionalized payments. Improving the accessibility of financial services can help improve developing economies by providing greater transparency in transactions and reducing corruption at all levels, and including previously unbanked persons into the financial system stimulates economic growth and enables more accurate forecasting, risk management, and analysis. this factor could also be embraced by individuals who run their organizations with support funds like NGOs and IDPs and related groups or communities Cryptocurrency allows money to be sent from someone on any corner of the world to anyone else,

India’s Income Tax Department Is Secretly Training Its Officials to Investigate Cryptocurrencies?

The Income Tax Department of India is secretly training its officials to investigate digital/cryptocurrencies. An internal guidebook circulated by the department explains cryptocurrencies, their characteristics, the “dark side of Bitcoin” and the best investigation practices for tax officials. The Indian government doesn’t consider cryptocurrencies as legal tender, but it also hasn’t declared them outright illegal. Crypto investors are therefore still doubtful on how to show their investments in their annual income tax returns. Due to all these circumstances, earning through cryptocurrencies is a gray area for the Indian crypto community. Earlier this year, the Income Tax Department sent detailed notices to some cryptocurrency investors. The department asked for details on the last three years of their income tax returns, credit and debit card transactions, as well as their investment in Bitcoin or other cryptocurrencies. The department asked a total of 26 questions, and 21

US SEC Imposes $250,000 Penalty Fine, Requires Return of up to $13M for Unregistered ICO

The United States Securities and Exchange Commission (SEC) has reached a settlement with New York-based startup Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO). On Dec. 18, the SEC  announced  in a press release that the charges were settled in the form of an order that requires BCOT to cease and desist from committing any violation of the registration provisions of the federal securities laws. The blockchain company also agreed to pay a $250,000 penalty, without admitting or denying the findings. According to the SEC’s  order , BCOT raised nearly $13 million while conducting an unregistered ICO to develop and implement a blockchain-based platform that allowed for third-party developers to build applications for message transmission, digital asset generation, and digital asset transfer. BCOT will need to return the $13 million raised funds “to those investors who purchased tokens in the ICO and request a return of the funds.” How m

The Largest Cryptocurrency Exchange Binance Launches Latin American Fiat Payment Gateway

The world's largest cryptocurrency  exchange  Binance, today announced the launch of its fiat gateway for Latin America. The announcement was made during laBitConf, a major crypto event for Latin America held in Montevideo, Uruguay. The new platform, named Latamex, will operate under the Binance Fiat Gateway and will allow Binance’s  Latin American  users to purchase cryptocurrency directly in association with Settle Network, a Latin American digital asset liquidation network. The new platform will initially be launched in  Argentina  and  Brazil , allowing the direct purchase of cryptocurrencies using Argentine pesos and Brazilian reals. Users will be able to buy Bitcoin ( BTC ), Binance Coin ( BNB ), Ether ( ETH ) and Binance’s stablecoin Binance USD (BUSD). Binance CEO Changpeng Zhao said: "There is a strong need for cryptocurrencies in Latin America, especially for financial access. Roughly 50 percent of the Latin American population is unbanked, and Latamex

The Regulated Swiss Crypto Bank SEBA Expands Its Services to 9 New Other Countries

Switzerland-based cryptocurrency bank SEBA has taken its services to nine new countries. According to a report by  Finance Magnates  on Dec. 12, SEBA reveals that accounts are now in full operation for institutional clients and accredited investors in Singapore, Hong Kong, the United Kingdom, Italy, Germany, France, Austria, Portugal. SEBA Bank AG (formerly SEBA Crypto AG) is a fully-regulated institution, having  secured  a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August 2019. COMPREHENSIVE CRYPTO AND BANKING SERVICES The banking services includes, an SEBAwallet app, e-banking services and SEBA card facilities, with support for five major cryptocurrencies: ( BTC ), Ether ( ETH ), Stellar ( XLM ), Litecoin ( LTC ) and Ether Classic ( ETC ).  while this is a welcome development measure are being taken by the  FINMA to set regulatory standards for the space. And mitigate the risk of loss and money laundry acti

China Construction Bank: World’s 2nd-Largest Launches Blockchain Services

the world’s second largest bank, China Construction Bank (CCB),  has officially launched its blockchain-based refactoring platform. Targeting commercial factoring business, CCB aims to bolster operations and reduce major risks in its refactoring business while providing shared data access by multiple participants, Chinese news outlet Sina Tech  reports  Dec. 6. As  reported , factoring firms represent third parties that buy businesses’ invoices at a discount in order to help those businesses raise funds. The news comes after CCB officially  released  the second version of its blockchain trading platform in October. Dubbed BCTrade 2.0, the product reportedly reached $50 billion in cumulative transaction volume. According to sources, China Construction Bank blockchain trading financial platform reportedly facilitated domestic letters of credit, forfaiting, international factoring as well as refactoring. By applying BCTrade, CCB, one of the "big four" banks in t

US Wall Street Portfolio Managers and Strategist Seeks To Shift Focus in 2020?

After some downward trend at the Wall Street experts believe the bull run will back in the market and will continue into the year 2020. all the concerns about the US economic growth, but there's consensus suggesting that stocks can continue to rise. For maximum returns,  portfolio managers have indicated they'll look elsewhere, with this developments pundits suggest that cryptocurrencies might likely be the next focus for this managers and institutional investors Neil Dwane, a portfolio manager and global strategist at Allianz Global Investors, thinks that the heated run-up to the 2020 election is likely to weigh on prices and might literally continue till after the elections. whence the reason to start looking elsewhere for stable market profits and maximum returns WILL PORTFOLIO MANAGERS SHIFT FOCUS IN 2020? "While the United States has offered investors strong returns for many years now, the country will likely spend much of next year grappling with gr

New Ukrainian Lawmakers Okay's And Legalizes 'Virtual Assets' / Digital Currency

The Ukraine lawmakers have passed new legislation bill that legalizes cryptocurrency  this law moves the country to a demanding compliance to the international anti-money laundering (AML) regulation standards. According to Forklog a media outlet, the Ukraine’s legislative arm, have adopted a new bill that incorporates international AML best practices into the country’s crypto regulatory framework. The newly passed legislation sees cryptocurrencies being classified as property in Ukraine. whence, virtual currency owners can use their digital holdings as a medium of exchange giving room for legalized trading, collateral, payments, investments,transfers and transactions across the country. INDIVIDUALS ELIGIBLE CAN PROVIDE CRYPTOCURRENCY PAYMENTS AND SERVICES More details of the new law will include provision for private individuals to act as crypto money transmitters and custodians. these services will operate in compliance with financial monitoring and reporting standar

South Korean Gov't Seeks to Place Tax Payments On All Crypto Transactions as Capital Gains From 2020?

Cryptocurrency has been faced with criticisms mainly because of the nature of the technology's identity anonymity and the high volatile nature. This being the reason most world governments paints a red flag about it, However because of the mainstream attention its getting over time, some have gonna ahead to explore and research this disruptive technology and this has seen The  South Korean  government's plans to tax capital gains from cryptocurrency transactions in the country. A Dec. 9  report  from The Korea Times reveals that an updated bill to introduce the measure will be drawn by the country’s Ministry of Economy and Finance by Q2 of 2020. In corresponding, the Korean National Assembly (KNA) is in the processing a related bill aimed at increasing transparency in cryptocurrency trading within the country. when passed, the new regulations would be effective one year after the Assembly’s plenary session. While the government’s capital gains bill will reportedly

China’s Central Bank to Lead The First Real-World Pilot of Digital Yuan:

China  is at last planning to conduct the first real-world test of its central bank digital currency (CBDC),in recent reports.  a local news outlet  Caijing  on Dec. 9-2019, the initial pilot for the central bank digital currency (CBDC) is set for the city of Shenzhen before Dec. 31,  Under the auspices of China’s  central bank , the People’s Bank of China ( PBoC ), four major banks and major economic participants such as China Telecom will test digital currency payments.  “Next step will be to rationally select the pilot verification area, the scenario and service scope, and steadily promote the introduction and application of digital form of fiat currency,” Caijing explains. “Compared with the previous pilot, this time the central bank's legal digital currency pilot will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment, reaching C-end users and generating frequent applications.” In Shenzhe